From Blogging Stocks, February 27, 2009...
Are you in foreclosure proceedings? If so, you can stay in your house longer than you might have thought. All you have to do is tell the bank to hand you a copy of the mortgage contract that proves you are on the hook to pay and specifies the terms of the foreclosure. As long as the bank cannot deliver you that contract, you can stay in the house.
Are you in foreclosure proceedings? If so, you can stay in your house longer than you might have thought. All you have to do is tell the bank to hand you a copy of the mortgage contract that proves you are on the hook to pay and specifies the terms of the foreclosure. As long as the bank cannot deliver you that contract, you can stay in the house.
I am not a lawyer; nor am I going to play one here. But if you tell the bank to "produce the note," it must deliver you the paper copy of the contract. And thanks to the way the mortgage market has changed in the last few decades, that simple request could be difficult to fulfill. That's because most mortgages used to get sold to investment banks who packaged them into mortgage-backed securities and sold them to investors around the world.
The punch line is that your mortgage contract is very unlikely to be sitting in the offices of the person who got you to fill out the paperwork. It could take some time to find out exactly who has the contract. And while the bank is searching, you can stay in the home. The produce-the-note movement started in 2007 when a federal judge in Cleveland threw out 14 foreclosures by Deutsche Bank National Trust Co. because the bank failed to produce the original notes.
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1 comment:
Nice post. I like the part about produce-the-note. I live in Tampa and know one person he helped, and it actually worked. This site has all the videos they have done. Watch all the videos here:
http://tinyurl.com/bozo2d
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